Power equipment manufacturer Generac Holdings Inc. (NYSE: GNRC), Waukesha, WI, reported sales for the second quarter of $362.6 million, an increase of 4.6 percent year-over-year. Profit increased to $54 million from $28.3 million in the second quarter of 2013.
“Our second quarter results for residential products were seasonally higher as we saw shipments increase as compared to the first quarter of 2014 due to strength in home standby generators," said Aaron Jagdfeld, president and CEO. "C&I (commercial & industrial) products continue to represent a growing portion of our sales as we have recently increased our exposure to new markets such as oil & gas, broadened our industrial product line and strengthened our industrial distribution network to further diversify our business.”
Commercial & industrial segment sales in the second quarter increased 22.5 percent to $163.5 million, primarily due to the contribution of recent acquisitions and continued strength in the oil & gas market.
Residential product sales were $179.6 million, down 8.6 percent year-over-year.
Year-to-date sales were $704.6 million, down 5.6 percent over the prior-year period. Profit increased 12.4 percent to $88.7 million.